Business
AudioCodes Reports Second Quarter 2024 Results and Declares Semi-Annual Dividend of 18 cents per share
OR YEHUDA, Israel, July 30, 2024 /PRNewswire/ -- Second Quarter Highlights Quarterly revenues increased by 0.5% year-over-year to $60.3 million;Quarterly
About this update from Audiocodes Ltd.
[{"type":"text","content":"OR YEHUDA, Israel, July 30, 2024 /PRNewswire/ -- \n\nSecond Quarter Highlights\nQuarterly revenues increased by 0.5% year-over-year to $60.3 million;Quarterly service revenues increased by 12.3% year-over-year to $32 million;GAAP results:- Quarterly GAAP gross margin was 65.5%;- Quarterly GAAP operating margin was 8.2%;- Quarterly GAAP EBITDA was $6.2 million;- Quarterly GAAP net income was $3.8 million, or $0.12 per diluted share.Non-GAAP results:- Quarterly Non-GAAP gross margin was 65.8%;- Quarterly Non-GAAP operating margin was 11.9%;- Quarterly Non-GAAP EBITDA was $8.3 million;- Quarterly Non-GAAP net income was $5.5 million, or $0.18 per diluted share.Net cash used by operating activities was $2.9 million for the quarter.AudioCodes repurchased 116,453 of its ordinary shares during the quarter at an aggregate cost of $1.2 million.Details\nAudioCodes (NASDAQ: AUDC), a leading vendor of advanced communications software, products and productivity solutions for the digital workplace, today announced its financial results for the second quarter ended June 30, 2024.\nRevenues for the second quarter of 2024 were $60.3 million compared to $60.0 million for the second quarter of 2023.\nEBITDA for the second quarter of 2024 was $6.2 million compared to $2.9 million for the second quarter of 2023.\nOn a Non-GAAP basis, EBITDA for the second quarter of 2024 was $8.3 million compared to $6.2 million for the second quarter of 2023.\nNet income was $3.8 million, or $0.12 per diluted share, for the second quarter of 2024 compared to net income of $1.1 million, or $0.03 per diluted share, for the second quarter of 2023.\nOn a Non-GAAP basis, net income was $5.5 million, or $0.18 per diluted share, for the second quarter of 2024 compared to $5.1 million, or $0.16 per diluted share, for the second quarter of 2023.\nNon-GAAP net income excludes: (i) share-based compensation expenses; (ii) amortization expenses related to intangible assets; (iii) expenses related to deferred payments in connection with the acquisition of Callverso Ltd; (iv) financial income (expenses) related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies; (v) tax impact which relates to our Non-GAAP adjustments; and (vi) in Q1 2024 non-cash lease expense which is required to be recorded during the quar...